7 May 2008admin correction● Neutral
Lachlan Star corrected the competent-person attribution statement in its Holfontein acquisition announcement. No change to the deal or resource figures. Another company's administrative filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2008quarterly activities report● Neutral
March 2008 quarter: Mooiplaats reached 100% (30% buy-out paid, share issue approved in April), Transnet rail agreement signed, Holfontein mining right application lodged. Nimag EBIT A$1.5m. Cash A$63m. Mooiplaats mining now expected late in the third quarter, delayed by site access.
23 Apr 2008capital raising announcement▲ GoodMajor
First tranche of the ArcelorMittal placement is complete: 46,365,000 shares issued at £1.11, raising £51.5m. ArcelorMittal now holds 52,659,419 shares (14.9%); shares on issue are 353,438,917. The second tranche of 13,635,000 still awaits FIRB approval.
What it means for a shareholder
46.4m new shares at £1.11 to raise about £51.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held £1,000 of shares (901 at the issue price), your slice goes from 0.000293% to 0.000255% of the company. To keep it you'd need 136 more shares - about £151 at the issue price.
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21 Apr 2008capital raising announcement▲ GoodMajor
ArcelorMittal will subscribe for up to 60m shares at £1.11 (£66.7m, about 16%) and sign an offtake for at least 2.5Mt a year of coking coal from Baobab and Thuli, with an option for 5Mt. It gets a board nomination. Second tranche needs FIRB approval.
What it means for a shareholder
60.0m new shares at £1.11 to raise about £66.7m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held £1,000 of shares (901 at the issue price), your slice goes from 0.000293% to 0.000245% of the company. To keep it you'd need 176 more shares - about £195 at the issue price.
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17 Mar 2008asset acquisition disposition● Neutral
Signet, through African Global Capital, exercised its option over 28,528,395 CoAL shares (9.59%) from the former directors' Motjoli sale. The shares are to be black-empowered in due course, with a structure still being negotiated.
14 Mar 2008half year report▼ Bad
Half-year to 31 December 2007: loss of A$2.24m, mainly from a A$2.98m foreign exchange loss on cash, versus a A$434k profit a year earlier. Cash was A$113.6m. Mooiplaats production is still targeted for the third quarter 2008.
20 Feb 2008material agreement▲ GoodMajor
CoAL signed a Cooperation Agreement with Transnet Freight Rail to help secure rail capacity for export coking coal from Thuli and Baobab, from 1–1.5Mt a year in 2009 to 10Mt in 2012. A rail pre-feasibility study is targeted by end-May 2008. Not yet binding freight rights.
18 Feb 2008farm in farm out completion▲ GoodMajor
Section 11 approval arrived, so CoAL completes its 70% of Mooiplaats with the final £10m and 4.44m shares. It also agreed to buy the other 30% for ZAR130m plus 4.75m shares (about A$26.2m), taking it to 100%; the share issue needs shareholder approval.
31 Jan 2008quarterly activities report▲ Good
December 2007 quarter: cash A$117m after raising over A$115m from 80m new shares. A further £10m lifted the Mooiplaats stake to 49%. Nimag EBIT was A$512k. Mooiplaats focus is shifting to washed export coal, with offtake talks including Eskom continuing.
22 Jan 2008director officer appointment● NeutralMajor
Directors Nchakha Moloi and Nonkqubela Mazwai resigned after they and Motjoli sold their CoAL shares to Signet Mining: 5,282,117 shares (1.78%) now, plus an option over 28,528,395 (9.59%). This ends the Motjoli board presence created by the 2007 deal.
21 Dec 2007director officer appointment● Neutral
Non-executive director Graham Taggart resigned with immediate effect. No reason was given in the announcement.
14 Dec 2007director officer appointment● Neutral
Blair Sergeant, company secretary since 2000, becomes Finance Director from 1 January 2008 and moves to Johannesburg. The board says this supports bringing several coal projects into production together. Shannon Coates replaces him as company secretary. Subject to approval, he gets 1m options at $1.90.
6 Dec 2007other● Neutral
M&G/Prudential's holding rose to 37,722,300 shares, but its percentage fell from 13.05% to 12.70%, presumably diluted by the new share issues. Shareholder notice only, no company news.
3 Dec 2007other● Neutral
GVM's name changed to Coal of Africa Limited after the 28 November AGM vote, trading under ASX code CZA from 4 December 2007. The name reflects the shift to coal; the registered office is unchanged.
29 Nov 2007resource reserve update▲ GoodMajor
Baobab's Fripp and Tanga properties have an initial resource of 713.1Mt, including 156.4Mt potentially opencast (39.7Mt measured). Mooiplaats interim estimate is 103.3Mt in situ, 76.1Mt mineable. Rail cooperation with Transnet is being finalised. This delivers the Baobab resource expected by year-end.
28 Nov 2007capital raising announcement▲ GoodMajor
Following AGM approval, GVM placed 15,000,000 shares at A$1.50 to raise A$22.5m via Euroz Securities, mainly to Perth retail investors. It adds to the 65m-share London placing at 65p and funds Mooiplaats and Baobab development.
What it means for a shareholder
15.0m new shares at A$1.50 to raise about A$22.5m. That's 6.5% dilution: every existing holder's slice gets 6.5% smaller. If you held A$1,000 of shares (667 at the issue price), your slice goes from 0.000307% to 0.000288% of the company. To keep it you'd need 46 more shares - about A$69 at the issue price.
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21 Nov 2007capital raising announcement▲ GoodMajor
GVM raised £42.25m by placing 65,000,000 shares at 65p, about 23% of enlarged capital, to fund Mooiplaats and Baobab. It is conditional on shareholder approval at the 28 November AGM. This is far larger than the £24.7m raised earlier in 2007.
9 Nov 2007other● Neutral
M&G/Prudential raised its holding from 27,815,300 to 28,315,300 shares, lifting its stake from 12.82% to 13.05%. Shareholder notice only, no company news.
2 Nov 2007other● Neutral
M&G/Prudential's holding stays at 27,815,300 shares; its percentage falls from 13.38% to 12.82% only because the total shares on issue figure was updated. Shareholder notice, no company news.
30 Oct 2007other● Neutral
M&G Investment Funds (Prudential group) increased its substantial holding in GVM from 12.55% to 13.38% (27,815,300 shares). Shareholder notice only, no company news.
29 Oct 2007farm in farm out completion▲ GoodMajor
First stage of the Coal of Africa acquisition completed: after £21.5m paid, GVM holds 46.6% of CoAL and issued 8,888,888 shares. Final stage (to 70%) needs £10m cash and 4,444,445 shares once conditions are met. Development decision expected by year-end.
29 Oct 2007other● Neutral
Cleansing notice for the 8,888,888 shares issued for the Coal of Africa acquisition; shares on issue become 216,839,409. Administrative, no new information.
26 Oct 2007quarterly activities report● Neutral
September 2007 quarter: cash A$34m after a further £7m paid toward Mooiplaats. Nimag EBIT fell to A$418k on weaker nickel prices. Mooiplaats drilling continues, with plans now shifting toward washed export coal.
18 Oct 2007asset acquisition disposition▲ GoodMajor
GVM bought Exxaro's historical Baobab database (about 1,200 boreholes) for ZAR20m (A$3.3m), and agreed to buy 552 ha at Wildebeesfontein next to Holfontein, enlarging holdings by a third. Management says Baobab mining could begin in 2009; initial resource expected by year-end.
1 Oct 2007annual report● Neutral
Annual financial report for the year to 30 June 2007. Only the corporate directory and directors' report are readable; the board now includes Mazwai, Moloi, Bywater and Taggart, as previously announced. No financial figures are visible in the text provided.
26 Sept 2007asset acquisition disposition▲ GoodMajor
GVM signed a Heads of Agreement to buy 60% of Tshikunda Mining, holding a 32,583 ha coal property next to Baobab and Exxaro's Tshikondeni mine, for ZAR20m (about A$3.5m). It also commits up to ZAR50m to explore. Conditional on approvals.
10 Sept 2007resource reserve update▲ GoodMajor
Mooiplaats: 43Mt measured resource defined in the B upper seam, plus 240Mt inferred, and Coal of Africa was granted a Mining Right over 940 ha. Only ministerial and competition consents remain before GVM completes its 70%. Production targeted for third quarter 2008.
31 July 2007quarterly activities report▲ Good
June 2007 quarter: cash A$62m after £24.7m raised (37.35m shares at 34p, 22.2m at 54p); all Nimag borrowings repaid; full-year EBIT A$6.4m. Motjoli deal completed, giving 100% of Holfontein and Baobab. Mooiplaats resource statement due.
14 June 2007capital raising announcement● Neutral
GVM issued 11,250,000 shares as the first share payment for 70% of Coal of Africa, plus reimbursement of due diligence and legal costs. Shares on issue rise to 207,768,703.
7 June 2007director officer appointment● Neutral
Nchakha Moloi, executive chairman of Motjoli Resources and former Director General of the Department of Minerals and Energy, joined as non-executive director. This fulfils the earlier plan for Motjoli nominees to join the board after its deal.